Iron Mountain Posts Record Third-Quarter Adjusted EBITDA

The Tip Desk · November 5, 2026 · 2 min read

Adjusted EBITDA reached a record $748 million, up 13.3%, as the company set full-year revenue guidance of $7,950 million to $8,020 million.

Iron Mountain Incorporated (IRM) posted record third-quarter Adjusted EBITDA of $748 million, up 13.3% from a year earlier, and set full-year 2026 guidance after another quarter of double-digit growth in the information-management business.

Total revenues were $1,991 million, up 13.5% on a reported basis and 13.3% excluding foreign-currency effects versus the year-ago quarter. That year-over-year pace slowed from 18.5% reported growth in the second quarter and 21.6% in the first. Sequential revenue was $1,991 million, down 1.9% from $2,029 million in the second quarter.

Storage rental revenue was $1,150 million, up 11% both reported and on constant-currency terms, after 12% growth in the second quarter. Service revenue was $841 million, up 17% reported and 16% constant-currency. Growth businesses of data center, digital, and asset lifecycle management collectively grew more than 30% year over year in the third quarter, versus more than 50% in both the first and second quarters.

Adjusted EBITDA rose 2.9% sequentially from $727 million in the second quarter. The Adjusted EBITDA margin was 37.6%, up nearly 200 basis points from 35.8% in the second quarter. The company said the year-over-year increase was driven by higher revenue and Adjusted EBITDA across each of its segments and improved operating leverage from continued transformation activities.

Net income was $129 million, up 49% from $86 million in the third quarter of 2025. Operating income was $411 million, up 33.0% year over year. Adjusted EPS was $0.64, up 19% from $0.54 a year earlier. FFO (Normalized) per share was $1.05.

AFFO was an all-time high $458 million, up 17% from a year earlier, while AFFO per share rose 16% to $1.53. The company said the increase was driven by improved Adjusted EBITDA.

Data center leasing was 102 megawatts in the third quarter, for 137 megawatts year to date, versus 110 megawatts leased through July after 13 megawatts in the second quarter. President and CEO William L. Meaney said the company had signed 137 megawatts of new data center leases year to date and that cross-selling in ALM and Digital was accelerating.

The board declared a fourth-quarter cash dividend of $0.993 a share, a 15% increase, payable January 6, 2027. Full-year 2026 guidance is revenue of $7,950 million to $8,020 million, about 16% year-over-year at the midpoint, Adjusted EBITDA of $2,948 million to $2,978 million, about 15%, and AFFO of $1,780 million to $1,800 million, about 16%. Fourth-quarter 2026 guidance is approximately $2,030 million of revenue, $780 million of Adjusted EBITDA, and $473 million of AFFO, or $1.57 a share.